Colorado Springs MARKET UPDATE

Colorado Springs, the state’s second largest city, is currently one of the most sought-after areas to live in the country. This colorful Colorado community offers its residents exciting entertainment options, unique cultural offerings, and enough outdoor activities to keep any adventurer satisfied. Thanks to the amazing array of lifestyles this city can cater to, more consumers are deciding to make this community their home.

Colorado Springs real estate market is starting off 2023 on a positive note and outperforming many conservative expectations. The number of homes sold across El Paso County decreased in comparison to 2022. Through March of this year, there have been 2,154 homes sold—down 24.8% from 2022. However, low inventory coupled with continued buyer demand resulted in housing prices remaining strong and a decrease in the days on market. After a slow end of 2022, momentum is certainly building in Colorado Springs’ real estate market.

Rising interest rates means that buyers have less purchasing power. Sellers have come down ever so slightly in pricing, but limited inventory and high demand still gives buyers a lot of control in this market. During the first quarter of the year, the average price home in Colorado Springs is $517,859—down 1.5% from 2022.

Colorado Springs’ individual neighborhoods vary in market trends, as there are many distinctions even within this small geographic region. We are seeing a wide variance in buyer demand for certain neighborhoods, subdivisions, and even buildings. In the first quarter of 2023, Mountain Shadows saw a 5.9% average price increase compared to 2022, and Broadmoor saw a 15.7% decrease for the same time period.

We recognize each locality is unique and no two regions respond to market shifts the same way. To aid in presenting an accurate picture of each of the areas that make up Colorado Springs, LIV Sotheby’s International Realty is proud to present our Micro Market Report, representing the metrics of many key and beloved neighborhoods.

Considering the lifestyle and market advantages that Colorado Springs provides to its residents, this community will continue to be a popular destination for those looking to buy and sell homes in the state.

Counties: El Paso, Teller